Ezion says Teras Lyza liftboat has capsized in the South China Sea

EZION Holdings said on Wednesday night that one of the liftboats owned by its joint venture company Teras Lyza Pte Ltd had capsized in the South China Sea on Tuesday.

The unmanned Teras Lyza was being dead towed from Vung Tau, Vietnam to Taichung, Taiwan when it developed a sudden list to the stern at about 4.30 pm on Tuesday, and subsequently capsized, Ezion said. 

Teras Lyza is still floating upside down and a towing tug, Teras Eden, continues to standby at location with a view to ensure safety of navigation and to look out for any potential pollution as Teras Lyza was carrying 75cbm of marine gas oil.

There has been no report of injuries or casualties arising from the incident, Ezion added.

Teras Lyza is fully insured so Ezion does not expect any material negative impact on its financial results for the year ending Dec 31, it said. Ezion is also currently in talks with the insurers.

Although there is no contractual obligation on the delivery of Teras Lyza for its potential job, the group will be looking at hiring in and/or building a replacement vessel, Ezion said.